股利等差增长的股票估价模型探讨

Study on stock evaluating model based on arithmetic increasing dividend

传统的股票估价的基本模式说明股票的内在价值是由发行股票的公司未来支付给股东的一系列股利的现值和将来出售股票的售价的现值所构成.通过对传统股票估价基本模式的回顾,提出了股利等差增长的股票估价模型以及由此推出的股票资本成本计算公式.股利等差增长的股票估价模型反映出以股利等差增长的股票价值由固定股利股票的价值和股利增长产生的价值构成,推出的股票资本成本计算公式反映出股票资本成本决定于股票价值、增长公差及股票股利,最终得出股利等差增长的股票估价模型是对股票估价基本模式的有效补充和延伸的结论.

The basic model for traditional stock evaluation shows that the inherent value of stock is composed of the cash price of a series of dividends that is paid by the issuer and.the cash price of the selling price in the future. With a review on the basic model for traditional stock evaluation, this paper proposes a kind of stock evaluating model based on arithmetic increasing dividend （SPMAID） and a formula for calculating the cost of stock capital. The SPMAID reveals that the stock value with arithmetic increasing dividend is made up of the fixed dividend and the increased dividend. Based on this formula, the cost of stock is determined by the stock value, increase tolerance, and stock dividend. This model can supplement and extend the basic model of traditional stock evaluation effectively.